If in the worst case I break even then I would consider that much better than a short sale and ending up with bad credit.I know I am missing a few numbers in my original post, but I am not familiar enough with them to make approximations as you did.

Since I have not gotten into investing yet or have never been in real estate full time I am a little short on recommendations but I would like to help you.  

My objective is to buy and hold for the next 10 - 15 years (my timeline is short).  

Long story short, the dad passed away, the mom moved on, and my friend stayed awhile but had personal issues and had to move away.

We like value add in the best submarkets (of the best cities) and believe 8-10% CoC is very achievable w/attractive total returns......after re-positioning (renovations / new property mgt team) are implemented.

I've seen other appraisals where a short sale was used as a comp, and it was indicated that it was a short sale, not an arms length transaction.  

I think that just looking at that in general will open your eyes to what the reality of your purchasing position is.2) Within the areas where those properties pop up, determine what units/locations will attract tenants that you would like to rent to.

Working with web and app developers to create best-in-class management tools that drive down costs, streamline processes, and attract and engage millenial customers.

Lots of HOA problems, back dues owed, short sale, etc.

For example, if I have a commercial space that I would like to attract a music school, I will pay a virtual assistant to do market research and provide the names and emails of 40 local music schools.